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Sam Bankman-Fried’s Alameda Research Troubles Predate FTX: Report

New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm, almost collapsed in 2018, even before FTX was in the picture.

In 2018, Alameda lost nearly two-thirds of its assets due to the price fall of the XRP token and was in a blink of a collapse. However, Bankman-Fried reportedly managed to rescue the trading firm by raising funds from lenders and investors on a promise of returns of up to 20% on their investment.

As per the report, In Jan. 2019, Alameda sponsored the inaugural Binance Blockchain Week conference, and SBF used the event to get in touch with investors to get funding for his failing trading firm.

(By PRASHANT JHA)

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